Mr. George Sanders reports
GOLDCLIFF CLOSES FIFTH AND FINAL TRANCHE OF FINANCING
Goldcliff Resource Corp. has completed a fifth tranche and final closing of its previously announced (Goldcliff news release dated July 29, 2019) non-brokered private placement of up to 10 million units at a price of 10 cents per unit.
At the closing of the fifth tranche on Sept. 24, 2019, the company issued 2,005,000 units for gross proceeds of $200,500. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of 20 cents per share for a period of two years from the date of closing. Goldcliff has the right to accelerate the expiry date of the warrants to 30 days if the closing price for Goldcliff shares is at least 40 cents for 20 consecutive trading days.
The company paid finders' fees totalling $11,795 in cash and issued 117,950 finders' warrants in connection with the private placement of units. Each finder's warrant entitles the holder to purchase one common share at a price of 20 cents per share for a period of two years from the date of closing. All securities issued pursuant to the private placement are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
With this fifth and final closing, Goldcliff has completed the issuance of 8,912,700 units for gross proceeds of $891,270. Total cash finders' fees of $38,098.90 were paid and 380,989 finders' warrants were issued. Proceeds will be applied to: both surface and underground mapping and sampling of the Nevada Rand project; an initial drill program at Nevada Rand; and working capital.
Goldcliff has also closed a non-brokered private placement of 600,000 flow-through shares for gross proceeds of $72,000. A cash finder's fee of $2,352 was paid and 23,520 finders' warrants were issued.
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